Preeminent Pure-play DJ Basin Operator Pro Forma Metrics Civitas Enterprise Value(1) 5.0 Billion Laramie Kimball YTD 9/30/21 Combined Production 159 MBoe/d Hedged/Unhedged Annualized Adj. EBITDAX(2) 1.4/1.6 Bn Larimer Weld…
Created via Strategic DJ Consolidation + + + = 5/10/21: BCEI and XOG announce merger of equals 11/9/20: BCEI announces combination with HPR to create Civitas Resources Transaction with the restructured HighPoint creates 700 MM…
Pro-Forma Capital Structure Overview ( in millions) Civitas Pro Forma Capitalization Estimates at 11/1/2021 Key Highlights: Revolving Credit Facility (1bn BB; 800 ECA) 0 7.5% Senior Unsecured Notes due April 2026 100 PDP coverage of…
Expected Civitas Governance Structure Leading-Edge Policies Board brings together diverse group with decades of relevant experience Compensated primarily in stock Dedicated ESG committee Ben Morris Carrie Howard Eric Carrie…
Combined Actuals and 2021 Guidance YTD 2021 operations reflected three separate companies, strategies and balance sheets Combined Combined Combined With closing of the transactions, CIVI now expects to maintain annual production…
Returning Value to Our Stockholders Stockholder Return Philosophy 2022E Fixed Dividend Yield(3) CIVI expects to maintain production broadly flat at 2021 4.0% 3.3% full-year levels with 50% EBITDAX reinvestment, 2.7% generating…
Civitas Overview
Delivering on the New E&P Business Model Ability to maintain production with 50% High Quality Asset Base EBITDAX reinvestment 3.95 / Boe 3Q21 LOE + Recurring Cash Front End of Cost Curve G&A(1) 0.2x Pro Forma Net Debt / Pro…
Key Civitas Strengths and Priorities Strategy and Culture Civitas Priorities Fortress Distinctive competencies in Committed to maintaining Balance Sheet operations, consolidation, low leverage and fortress sustainability and…
Integration Synergies Development Enhancement G&A LOE Midstream Opportunities Reduced Field optimization Basin-wide One-Time Recurring headcount optimization Sale of duplicative Combined surface Lease operations opportunities owned…
Intense Focus on Cost Structure 2Q21 LOE + Cash G&A (/Boe) 10.08 8.50 7.99 Median: 7.15 7.33 7.37 6.97 6.35 6.48 5.91 3.95 3.95 (1) Civitas Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H Peer I Peer J 3Q21…
Civitas Disciplined Approach to Further DJ Consolidation Asset Locator Map Civitas will continue to be a disciplined Laramie Kimball transaction partner Disciplined transaction partner with a focus on value creation and accretion…
Operations Overview
DJ Basin Flexibility Combined Position Will Facilitate Asset Development Optimization Civitas Leasehold Positions Approximate Development Area DJ Basin Net Acres(1) Geography Northern Western 135,000 Suburban / Rural Weld Eastern…
Relative Inventory Contribution by Area B-TAX Single Well IRRs at 55 WTI (1) 100% Location Inventory Analysis Location Type Total 90% DUCs 70 Approved Permits 295 80% (2) M unicipal Approved OA's 192 (2) 70% M unicipal No OA's…
Colorados Regulatory Framework New rules effective January 2021 Improved state process streamlines permitting Coordination between State and Local permitting (1) Operator Local Permits Fully Approved(1) Extraction(2) 240 113 Oil…
Midstream Assets Overview Civitas Midstream Infrastructure Total book value of 300MM Infrastructure asset service highly focused on operated production Bronco (Crestone) Compressor stations - Pony 5,500hp & Mustang 5,600hp…
ESG Initiatives
Sustainability Leadership in Action Committed to Carbon Neutrality Scope 1 and 2 High-grade emissions practices 2020 DJ Peers GHG Intensity (mt CO2e/MBoe) Electrification of operations 40.7 Tankless development 29.2 Retrofit…
Implementing the ESG Vision Responsible Stewardship Colorados First Carbon Neutral Operator Electric Vehicle Fleet Conversion Aggressive operational emissions-reduction program coupled Adopting EV fleet this year with a multi-year…
Appendix
Civitas Proved Developed Reserves Summary (1)(2)(3) 12/31/2020 Reserves Reflecting 9/17/2021 Pricing Net Oil Net Gas Net NGL Net Reserves NPV10 Reserve Category (MBbl) (MMcf) (MBbl) (MBoe) (000) PDP 106,766 736,351 87,532 317,023…
Hedge Positions Enhance Financial Strength Civitas Oil Hedges (Bbl/d) Civitas Gas Hedges (Mcf/d) 50,000 250,000 CIG Basis and NGL OPIS Swaps 50,000 Mcf/d CIG basis swaps at (0.52)/Mcf 43,148 in 4Q21, 5,500 Bbl/d OPIS swaps at 20.55/Bbl…
Reconciliation for Adjusted EBITDAX 9 Months Ended September 30, 2021 (1) Combined Civitas Net income (loss) 750,493 Exploration 18,016 Depreciation, depletion, and amortization 408,793 Abandonment and impairment of unproved…
Reconciliation for Net Debt Balances as of November 1, 2021 Senior Notes 500,000 Credit Facility 0 Cash and cash equivalents -242,700 Net debt 257,300 Source: Company disclosure. in thousands. 26
Loading...
